The commission has another 45 days to approve, deny or delay spot Bitcoin exchange-traded fund applications from seven major firms.
The United States Securities and Exchange Commission (SEC) delayed judgments on a number of exchange-traded funds that hold spot Bitcoin, although former commission chair Jay Clayton stated he thought permission would eventually occur.
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In a Sept. 1 interview with CNBC, Clayton said major financial institutions backing spot Bitcoin investment vehicles represented a shift in how retail investors could get exposure to crypto. On Aug. 31, the SEC designated a longer period in which it could review spot BTC exchange-traded fund (ETF) applications from BlackRock, WisdomTree, VanEck, Invesco Galaxy, Bitwise, Valkyrie and Fidelity.
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Following the notice’s publication in the Federal Register, the commission will have an additional 45 days to approve, reject, or postpone once more the ETF applications submitted by these seven large companies. Clayton stated that he anticipates “progress on this going forward.” Up until March 2024, the SEC may keep delaying the application deadlines.
“An approval is inevitable,” said Clayton. “The dichotomy between a futures product and cash product can’t go on forever.”
The SEC was mandated to examine asset manager Grayscale’s request to transform its Bitcoin Trust (GBTC) into a spot Bitcoin ETF. Clayton’s position resembled that of U.S. Court of Appeals Circuit Judge Neomi Rao, who, along with two other judges, issued the ruling. The SEC has already approved BTC futures ETFs, according to Rao, who also claimed that Grayscale’s offering was “materially similar.”
On August 31, just before the US Labor Day vacation weekend, there were many ETF application delays. The next significant spot BTC application due date is October 7, which is also the day the commission is anticipated to disclose information regarding the offering from fund manager Global X.
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